Nate Is Investing in a Partnership with Deidre

question 184

Multiple Choice

Nate is investing in a partnership with Deidre. Nate contributes as part of his initial investment Accounts Receivable of $60000; an Allowance for Doubtful Accounts of $9000; and $6000 cash. The entry that the partnership makes to record Nate's initial contribution includes a

• A) credit to Nate Capital for $66000.
• B) debit to Accounts Receivable for $51000.
• C) credit to Nate Capital for $57000.
• D) debit to Allowance for Doubtful Accounts for $9000.

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